Published: 05-05-08
More than 100 Business Leaders from Across Central Texas Participate to Discuss the Future of Central Texas Economy
AUSTIN-Five Central Texas economic development organizations including the Temple Economic Development Corporation Belton Economic Development Corporation Copperas Cove Economic Development Corporation Greater Killeen Chamber of Commerce and Workforce Solutions of Central Texas collaborated Wednesday May 1 2008 to hold the second annual Economic Outlook Conference in Belton.
The organizing cities make up the Central Texas Economic Corridor (CTEC) which provides site location assistance to companies considering a relocation or expansion to Central Texas.
Rich Froeschle Deputy Director of the Labor Market and Career Information Unit of the Texas Workforce Commission and Rebecca Ryan founder of Next Generation Consulting presented compelling statistics on globalization and the changing face of the labor market. The speakers also emphasized the impact such forces have had and will continue to have on the Central Texas economy.
“Numerous companies in the Central Texas region already outsource” Froeschle said. “The question becomes how much of a company’s productivity is being outsourced? Increasing globalization creates innumerable opportunities in the U.S. however it also speeds the displacement of certain functions and jobs that were once the backbone of middle-class America.”
Ryan concludes that in the 1990’s 90 percent of America’s largest cities lost young talent. Smaller cities and rural areas suffered most.
According to a labor study conducted in Central Texas on behalf of CTEC the number of workers in Central Texas under 24 years of age has drastically dropped from 17 percent of the labor force in 2004 to only four percent of the labor force in 2007. The largest segment of Central Texas workers in 2007 falls into the 35 to 54-year-old group (48 percent) with significant numbers also between 55 and 64 years of age (19 percent).
Ryan added that young professionals say that the quality of a community is as important as a good job. Communities such as those in CTEC can reposition themselves to attract young talent by making their area “sticky.” Central Texas communities should consider the importance of aspects like vitality earning index quality of education social capital cost of lifestyle and infrastructure.
“In relation to other U.S. regions Central Texas has a booming economy with very strong job growth and very strong potential” Froeschle said. “Texas is not in a recession.”
Bell County which includes Temple Belton and Killeen is the 12th fastest growing county in Texas and the 62nd fastest growing county in the United States. The Killeen-Temple-Fort Hood Metropolitan Statistical Area (MSA) is the 2nd fastest growing MSA in Texas and the 14th fastest growing MSA in the United States.
The Central Texas Economic Corridor (CTEC) provides site location assistance to companies considering a relocation or expansion to Central Texas. The four cities in this dynamic and culturally diverse region include Temple Killeen Belton and Copperas Cove. These cities have pooled resources to make it easy for you to join one of the fastest growing markets in Texas. Located halfway between Dallas and San Antonio on Interstate 35 the region is central to all major Texas markets. The area boasts a vast resource of skilled and educated workers enhanced by the massive presence of Fort Hood the largest military installation in the US. Add an attractive wage scale and competitive incentives and Central Texas is the smart choice for business expansions and relocations.
